Restaurant Brands (QSR) officer receives new RSU and performance share grants
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Friesner Jacqueline reported acquisition or exercise transactions in this Form 4 filing.
Restaurant Brands International Inc. reported that officer Jacqueline Friesner received several equity awards as part of her compensation. On April 2, 2026, she was granted multiple blocks of restricted share units and performance share units, each representing a contingent right to receive common shares at no cash cost.
The restricted share units vest in equal annual installments, with remaining vesting dates running through December 15, 2029, while performance share units tied to 2024, 2025 and 2026 performance cycles may be earned and vest between March 15, 2027 and March 15, 2029 based on performance conditions. Following these awards, Friesner directly holds 165,726.545 common shares and 9,098 exchangeable units that are convertible into common shares or cash at the partnership’s election.
Positive
- None.
Negative
- None.
Insider Trade Summary
9 transactions reported
Mixed
9 txns
Insider
Friesner Jacqueline
Role
See Remarks
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Share Units | 16.687 | $0.00 | -- |
| Grant/Award | Restricted Share Units | 30.625 | $0.00 | -- |
| Grant/Award | Performance Share Units | 151.81 | $0.00 | -- |
| Grant/Award | Restricted Share Units | 29.711 | $0.00 | -- |
| Grant/Award | Performance Share Units | 151.452 | $0.00 | -- |
| Grant/Award | Restricted Share Units | 44.046 | $0.00 | -- |
| Grant/Award | Performance Share Units | 163.513 | $0.00 | -- |
| holding | Exchangeable Units | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
Holdings After Transaction:
Restricted Share Units — 1,944.713 shares (Direct);
Performance Share Units — 17,691.713 shares (Direct);
Exchangeable Units — 9,098 shares (Direct);
Common Shares — 165,726.545 shares (Direct)
Footnotes (1)
- Each Restaurant Brands International Limited Partnership exchangeable unit is convertible, at the Reporting Person's election, into common shares of Restaurant Brands International Inc. or a cash amount equal to a prescribed cash amount determined by reference to the weighted average trading price of Restaurant Brands International Inc.'s common shares on the New York Stock Exchange for the 20 consecutive trading days ending on the last business day prior to the exchange date, at the sole discretion of the general partner of Restaurant Brands International Limited Partnership (subject to the consent of the Restaurant Brands International Inc. conflicts committee, in certain circumstances). This conversion right has no expiration date. Each restricted share unit represents a contingent right to receive one common share. Represents dividend equivalent rights that accrued on the underlying award of restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the restricted share units to which they relate. These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027. The shares reported represent an award of performance based restricted share units ("2024 PBRSUs") granted to the Reporting Person. The 2024 PBRSUs will have a performance period beginning February 23, 2024 and ending February 23, 2027 and to the extent earned will vest on March 15, 2027. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition. Represents dividend equivalent rights that accrued on the underlying award of performance based restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable performance based restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the performance based restricted share units to which they relate. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026, December 15, 2027 and December 15, 2028. The shares reported represent an award of performance based restricted share units ("2025 PBRSUs") granted to the Reporting Person. The 2025 PBRSUs will have a performance period beginning February 28, 2025 and ending on February 28, 2028 and to the extent earned will vest on March 15, 2028. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition. These restricted share units vest in equal annual installments. The vestings will occur on December 15, 2026, December 15, 2027, December 15, 2028 and December 15, 2029. The shares reported represent an award of performance based restricted shares units ("2026 PBRSUs") granted to the Reporting Person. The 2026 PBRSUs will have a performance period beginning February 25, 2026 and ending February 25, 2029 and to the extent earned will vest on March 15, 2029. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition.
Key Figures
Common shares held: 165,726.545 shares
Exchangeable units: 9,098.0000 units
RSU grant example: 44.0459 units
+3 more
6 metrics
Common shares held
165,726.545 shares
Direct common share holdings after reported awards
Exchangeable units
9,098.0000 units
Exchangeable into Restaurant Brands common shares or cash
RSU grant example
44.0459 units
Restricted share units granted on April 2, 2026
PSU grant example
163.5127 units
Performance share units with performance period to February 25, 2029
RSUs outstanding example
5,133.0459 units
Total restricted share units for one award after transactions
PSUs outstanding example
19,055.5127 units
Total performance share units for one award after transactions
Key Terms
Restricted Share Units, Performance Share Units, exchangeable unit, dividend equivalent rights, +1 more
5 terms
exchangeable unit financial
"Each Restaurant Brands International Limited Partnership exchangeable unit is convertible, at the Reporting Person's election, into common shares."
dividend equivalent rights financial
"Represents dividend equivalent rights that accrued on the underlying award of restricted share units."
Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.
performance period financial
"The 2024 PBRSUs will have a performance period beginning February 23, 2024 and ending February 23, 2027."
The performance period is the specific time span over which an investment’s results, an employee’s targets, or a fund’s returns are measured and judged. It matters to investors because the length and start/end of that window determine which gains or losses count toward performance fees, bonus payouts, or benchmark comparisons—much like timing a race decides who wins, the chosen period can change whether results look strong or weak.
FAQ
What did Jacqueline Friesner report in this Form 4 for Restaurant Brands (QSR)?
The Form 4 shows Jacqueline Friesner received several equity awards, including restricted share units and performance share units. These awards give her rights to future Restaurant Brands common shares if time-based vesting and performance conditions are satisfied.
What are Restaurant Brands exchangeable units held by Jacqueline Friesner?
Friesner holds 9,098 exchangeable units of Restaurant Brands International Limited Partnership. Each unit can be converted into a common share of Restaurant Brands International Inc. or an equivalent cash amount, at the partnership’s election, and the conversion right has no expiration date.